Trump fined $355M: Ordered to pay New York for misrepresenting property values

Judge Arthur Engoron also imposed a three-year ban on Trump from serving as a company director or obtaining loans from New York banks. Despite the severe financial penalties, Trump's companies avoided dissolution, which could have led to bankruptcy.

From his Mar-a-Lago estate, Trump announced his intention to appeal the decision, labeling the judge's ruling as a politically motivated witch hunt and declaring it a sad day for the country. Judge Engoron cited Trump's history of alleged fraud and the Trump Organization's 2022 criminal tax fraud conviction as justification for the substantial fines, suggesting that without significant penalties, Trump and his defendants are likely to continue their fraudulent practices.

In addition to the fine, the ruling mandates oversight mechanisms, including an independent monitor and a compliance director, to prevent future fraud. Interest on the fraudulently obtained profits may increase the total penalty to approximately $450 million. Trump's adult sons, Donald Jr. and Eric, and former CFO Allen Weisselberg, also face fines and business restrictions in New York.

New York Attorney General Letitia James emphasized that the ruling underscores the principle that no one, including former presidents, is above the law. The civil case, initiated by James, accused Trump and his organization of inflating asset values to secure favorable loan terms, seeking a $370 million fine.

Throughout the trial, Trump maintained his innocence, arguing that no banks were harmed because all loans were repaid. However, Judge Engoron noted that future lenders might not be as fortunate to receive accurate financial statements. This penalty adds to Trump's financial burdens, including a separate $83.3 million owed to writer E. Jean Carroll, but is unlikely to bankrupt Trump, whose net worth is estimated at $2.6 billion.